USD/JPY (a 4-hour chart)
Quotations decline below the level of 118.00 should be used to build up long positions. The commodity market sales with the relatively low wages growth rate in 2014 indicate the inflationary pressure compression in the United States for the first quarter of this year.
Having not reached the level of 119.20, the correctional price growth stopped above the level of 118.00, going to a consolidation.
The price is finding the first support at 117.00, the next one is at 115.80. The price is finding the first resistance at 118.00, the next one is at 119.20.
The price is on the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement.
The MACD indicator is in a neutral territory. The price is consolidating.
The upward movement potential target is 119.20. If the price falls it will get to 115.80.